DOLLARS & SENSE

Before Shopping, Consider Stopping;

SHOP TILL YOU DROP

Shopping has become one of Canada’s favorite pastimes but is also a massive contributor to debt and financial difficulty. Fortunes are spent, unneeded items are bought, and cash registers continue to ring. Canadians seem to have an unquenchable desire for more things. When a charge card is at its limit, another account is opened. What is more, advertisers fill the media with beautiful items, exclusive discounts, and catchy slogans. It is no wonder that personal debt is galloping out of control and savings accounts are depleted. Something must be done, and you have the power to take control!

TABLE YOUR WANTS

The desire for material things starts long before shopping ever begins. Those catchy ads and discounts pre-sell you, the prospective shopper, long before you ever reach the store. Consumed by desires instilled by the promotional barrage, you trek off to the store armed with an arsenal of plastic charge cards to make those cash registers ring. However, if you want to control your debt and your financial life, you will have to learn to manage your wants. Wanting too much, too often, can be very costly.

MAKE IT A NEED

Wants are not needs! Not everything that you want is essential, but advertising experts make you think it is. They turn an item with no crucial need for into a highly-desired piece. They have learned how to make shoppers believe that what they want is what they need. If you are serious about managing your finances effectively, it is necessary to develop a don’t-want mindset. It is best accomplished by asking the following questions: Can I live without it? Can I make do with what I have? Can I save the money instead?

DEAL WITH EMOTIONS

Doing without something you want is not a new concept. Every family, at some time or another, experiences the necessity to cut back and curtail spending. It is easier to cut back when there is a significant goal to achieve, or a need arises. However, living long-term with don’t want mentality is more difficult because it is such an emotional experience. The reality is controlling your finances not just about money; it is about your life and well-being. Don’t ignore the genuine emotional impact and reward of stopping your shopping.